 "Buzzing stocks, June 13: BLS In't, DrReddy's, Sobha, Torrent Pharma, Gensol")
Stocks to Watch on Thursday, June 13, 2024: With the US Federal Reserve holding interest rates steady, but projecting more cuts in 2025, market bulls are set to rally on Dalal Street on Thursday.
Besides, domestic retail inflation falling to 1-year low of 4.75 per cent in May will further boost sentiment. At 7:50 AM, GIFT Nifty was up 98 points at 23,453 levels.
Weekly F&O expiry, FII activity, and stock-specific action will also guide the markets today.
Here is a list of stocks to watch out today:
BLS International Services: BLS International FZE, a wholly-owned subsidiary of the company, has entered into a share transfer agreement to acquire 99 per cent equity shares of Egypt-based Balozi Liaison Services. With this, Balozi will become a step-down subsidiary of the company, it said in an exchange filing.
The acquisition will be completed on or before July 31, 2024.
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Torrent Pharma: The USFDA, which conducted a pre-approval inspection and a GMP inspection at its Indrad facility from June 3 to June 12, 2024, has issued Form 483 with five observations.
Sobha: Giving update on its Rights Issue plan, Sobha has informed the exchanges that it will issue 12,107,981 Rights Equity Shares each on a partly-paid basis for an amount up to Rs 2,000 crore. The Rights Issue Price will be Rs 1,651 per Rights Equity Share.
The record date for the same has been fixed as Wednesday, June 19, 2024. The Rights Issue will run between June 28, 2024 and July 4, 2024.
Dr Reddy's Labs: Dr. Reddy's Laboratories, Inc., a step down wholly-owned subsidiary of the company, and Ingenus Pharmaceuticals, LLC, a Delaware LLC, have entered into license agreement to commercialise Cyclophosphamide Injection RTD (500 mg/2.5mL; 1g/5mL; 2g/10mL) in the United States.
Gensol Engineering: The company has emerged as a successful bidder for a 250-Mw/500 MWh Battery Energy Storage System (BESS) tender floated by Gujarat Urja Vikas Nigam Limited.
It has the potential to generate a total revenue of approximately Rs 2,680 crore over the 12-year Battery Energy Storage Purchase Agreement (BESPA) tenure.
Arvind: The labour strike, which had affected operations of one of the plants of the company situated at Santej, Dist. Gandhinagar, Gujarat, was declared illegal by the Labour Court. With this, the strike has been called off by the workers and operations are getting to normalcy.
The company has estimated potential loss of revenue of around Rs 180-200 crore (about 2 per cent of the consolidated revenue of FY24) and reduction in Ebitda of about Rs 60-65 crore (about 7 per cent of the consolidated Ebitda of FY24).